Solidcore acquires controlling stake in Tokhtar project in Kazakhstan for $25 mln

MOSCOW. March 11 (Interfax) - Gold miner Solidcore Resources (formerly Polymetal) has reached agreement to acquire the Tokhtar gold project in Kazakhstan, which includes the Tokhtar and Southern Tokhtar deposits as well as the Barambay exploration area.

The JORC-compliant resources of Tokhtar and Southern Tokhtar are estimated at 1.1 million ounces of gold, Solidcore said. The company plans to process the ore at its Varvarinskaya plant, with subsequent supply of concentrate to the Irtysh Mining and Metallurgical Complex.

At the first stage, Solidcore will acquire 51% of the project for approximately $25 million. This stage of the deal is expected to be completed in Q3 2025.

Subsequent stages include the acquisition of 23% after an assessment of the Tokhtar and Southern Tokhtar reserves under the KazRC standard, and 26% after an assessment of the Barambay reserves. The prices will be determined based on these assessments. The sellers will receive deferred compensation based on the amount of metal in the processed ore.

Solidcore expects to complete the assessment of Tokhtar and Southern Tokhtar by the end of 2027 and of the Barambay area by the end of 2028.

Following the sale of its Russian business, Solidcore remains the second-largest gold producer in Kazakhstan. Its largest shareholder is a consortium of Omani investors led by the government-owned fund Mercury Investments International, which holds 29.7%.